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Form W-8BEN Lakewood Colorado: What You Should Know

The university will withhold any tax due on the income from the tax-exempt entity to which you are a nonresident individual for the tax year such payment is made. The school will withhold tax on all amounts paid to you by the school, regardless of whether such amounts were actually received by you or a person with a tax relationship to you.  Your nonresident alien status will be verified by the institution's foreign tax agent for all income tax withholding and credit purposes. However, the institution may request that the foreign tax agent do not verify your nonresident alien status. Taxpayers must complete and sign the form as part of the federal Filing and Certification System (FCS) Form 8822, if they are a nonresident alien or a foreign person who owns or pays a substantial amount of income by source to individuals who are not nonresident aliens, whether any or only a majority of the income is reported in the United States. Foreign financial reports must contain either: An actual signature of a “Qualified U.S. Source” or A declaration under penalty of perjury that the information is true and correct. It is important to remember this provision, especially if you plan to make distributions from your IRA or 401(k) to non-U.S. persons. This provision applies to IRA and 401(k) distributions. If you make a nondeductible contribution to a retirement plan, a nondeductible IRA distribution may require a check sent to the nonresident alien's home country without a U.S. taxpayer identification number when making an IRA deduction.  Forms W-8 BEN, 1099-MISC, or BXC-20 must be completed only once if you have both a U.S. and a foreign financial reporting unit. The foreign financial reporting unit must identify this financial reporting unit from each of its financial records for all U.S. and foreign income tax purposes. This financial reporting unit may also be described as the financial account that received the U.S. financial disclosure. Form W-8BEN, Certificate of Foreign Status of — Federal agency required. Form W-8BEN-E, Certificate of Foreign Status of Persons who are Beneficiaries or Members of Certain Business Entities — The employer of any employee or independent contractor who files Form 1099-MISC with the IRS, must complete a Form W-8BEN-E.

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